Group financial results 2Q 2012Group financial results 2Q 2012 – Group 1Q 2010 2011 2Q 3Q 4Q 1.4 15.1 9.4 26.0 2Q 1.3 14.3 14.3 29.9 24.6 1.3 13.0 10.2 3Q 4Q 24.1 1.3 11.8 10.8 1Q

Group financial results 2Q 2012

Analysts’ conference callAugust 03, 2012

Oliver Bäte,Chief Financial Officer

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1 Summary 6M 2012

2 Highlights 2Q 2012

3 Group

4 P/C

5 L/H

6 Asset Management

7 Summary

8 Additional information

9 Glossary

1Group financial results 2Q 2012

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6M - strong performance in a challenging environment

Total revenues increase 1.4 percent to EUR 55.2bn

Capital position remains strong and balance sheet strengthfurther improved

Operating profit grows 18.5 percent to EUR 4.7bn

Group financial results 2Q 2012 – Summary 6M 2012

Net income at EUR 2.8bn, up 39 percent

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GroupNet income(EUR mn)

GroupOperating profit(EUR mn)

GroupTotal revenues(EUR bn)

Highlights 6M 2012

55.2

2011 2012

54.5

6M6M

+1.4%

4,6943,960

+18.5%

2,7651,986

+39.2%

Group financial results 2Q 2012 – Summary 6M 2012

P/COperating profit(EUR mn)

L/HOperating profit(EUR mn)

AMOperating profit(EUR mn)

Corporate and OtherOperating loss(EUR mn)

2,301

2011 2012

1,992

6M6M+15.5%

1,6471,381

+19.3%

1,2481,056

+18.2%

-475-428

-11.0%

98.1% 96.8%CR

2.4% 1.8%NBM

34 423rd party net flows(EUR bn)

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1 Summary 6M 2012


3 Group

4 P/C

5 L/H

6 Asset Management

7 Summary


9 Glossary


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Solid results in the second quarter

Total revenues increase 2.5 percent to EUR 25.2bn

Capital position remains strong and balance sheet strengthfurther improved

Operating profit grows 2.8 percent to EUR 2.4bn

Group financial results 2Q 2012 – Highlights 2Q 2012

Net income at EUR 1.3bn, up 23 percent

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Net income(EUR mn)

Operating profit(EUR mn)

Total revenues(EUR bn)

Financial results further improved

25.4

+2.5%

24.5 26.029.9

25.0

2Q 4Q2Q 3Q 1Q

2,3002,302 2,055 2,1541,660

+2.8%

1,0711,157 1,268 1,181915

+23.2%

560

2,000

258

25.2

2,364

1,320

2010 2011 2012

24.124.6

2Q4Q 3Q

1,906

30.1

1Q

2,330

1,445


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Stable shareholders’ equity

Shareholders’ equity1

(EUR mn)

1) Excluding non-controlling interests(31.12.11: EUR 2,338mn, 31.03.12: EUR 2,444mn, 30.06.12: EUR 2,389mn)

2) Including F/X3) After non-controlling interests, policyholder participation, tax and shadow DAC4) Including derivatives

31.12.11 31.03.12 30.06.12

48,245

-0.5%

44,915

28,763

11,526

4,626

Paid-in capital

Unrealizedgains/losses

Retainedearnings2

Equity markets -30%4

Interest rate +100bps

Interest rate -100bps

Credit loss/migration5

Credit spread +100bps6

Interest rate +100bps/equity markets -30%4

Estimation of stress impact3(EUR bn)

-4.2

+4.0

-1.9

-1.5

-2.3

-1.3

5) Credit loss/migration (corporate and ABS portfolio): scenario based onprobabilities of default as in 1932, migrations adjusted to mimic recessionand assumed recovery rate of 30%

6) Credit spread stress on corporate and ABS portfolio

28,763

48,013

12,526

6,724

-6.4

F/X USD -10%28,763

12,756

6,726


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Strong regulatory capital ratio with low sensitivity

Conglomerate solvency1

(EUR bn)

Solvency ratio

+3%-p

179%

31.12.11 30.06.12

43.8

23.9

31.03.12

23.8

42.6

Available fundsRequirement

Estimation of stress impact1

Ratio as of 30.06.12

Equity markets -30%



Credit loss/migration

NatCat

Credit spread +100bps

186%

187%

183%

181%

186%

181%

176%

Interest rate -100bps/equity markets -30% 174%

100%183% 186%

44.9

24.2

F/X USD -10% 184%

1) Including off-balance sheet reserves (31.12.11: EUR 2.2bn, 31.03.12: 2.2bn, 30.06.12: EUR 2.2bn) pro forma.The solvency ratio excluding off-balance sheet reserves would be 170% as of 31.12.11, 174% as of 31.03.12 and 177% for 30.06.12For more details please refer to the appendix


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Economic solvency1

(EUR bn)

Available fundsRequirement (confidence level 99.5%)

Estimation ofstress impact2

1) Available funds reflect liquidity premium for valuation purposes for the L/H segment in line with QIS5 approach (EIOPA) 2) Estimated solvency ratio changes in case of stress scenarios (stress applied on both available funds and requirement)3) Credit spread stress on corporate/ABS bonds; not included are AAA collateralized bonds which are predominantly covered or agency sponsored bonds

Confidence level

99.5%

202%

-24%-p

178%

30.06.1231.03.12

24.5 26.6

49.6 47.5

Ratio as of 30.06.12



Equity markets -30%

Equity markets +30%

F/X USD -10%

Interest rate -100bps/equity markets -30%

Credit spread3 +100bps

178%

150%

188%

168%

207%

176%

137%

157%

Economic solvency ratio (confidence level 99.5%)


Economic solvency ratio solid

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1 Summary 6M 2012


3 Group

4 P/C

5 L/H

6 Asset Management

7 Summary


9 Glossary


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Revenue development1 (EUR bn)

2Q 12/11 (in %)

Totalgrowth

Internal growth

Group +2.5 +0.0

P/C +5.2 +3.2

L/H -0.9 -3.0

AM +14.9 +3.8

1) For a description of total revenues and internal growth please refer to the glossary.All segment figures are based on segment consolidated numbers; figures for the Group as a whole are based on fully consolidated numbers

2) Represents total revenues from Banking within Corporate and Other

Total revenues grow to EUR 25.2bn

Group financial results 2Q 2012 – Group

1Q

20112010

2Q 3Q 4Q

1.4

15.1

9.4

26.0

2Q

1.3

14.3

14.3

29.9

24.6

1.3

13.0

10.2

3Q 4Q

24.1

1.3

11.8

10.8

1Q

25.0

1.6

13.8

9.5

2012

25.4

1.2

14.1

10.024.5

1.3

12.6

10.6

0.12 0.12 0.22 0.22 0.12 0.12

2Q0.22 0.22

1.4

13.7

14.8

30.1

25.210.7

12.9

1.50.12

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Operating profit grows to EUR 2.4bn

Asset Management Corporate and Other

2011 201220102011 20122010

Property/Casualty Life/Health

2011 201220102011 20122010

1,3291,1121,147

679 821824

635516 528

-205-155 -191

+20.3%

-16.3%

+6.8%

+20.9%

Operating profit development (EUR mn)


Group2Q 2011

L/H

AM

CO

Consolidation

Group2Q 2012

2,300

-217

+107

+142

+18

+14

P/C

2,364

+2.8%

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2Q 10 2Q 11 2Q 12

Corporate and Other results(EUR mn)

-155

-205 -191

Operating loss development Operating loss components

Operatingloss

2Q 12

AlternativeInvestments

Consoli-dation

Operatingloss

2Q 11

BankingHolding& Treasury

Δ 2Q 12/11

2Q 12 -184 -21 +13 1

2Q 11 -170 -24 -11 0


-14

+24+3

+1

-205-191

EUR+14mn

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Non-operating items (EUR mn)

1) On-balance sheet unrealized gains and losses, after taxes, non-controlling interests and policyholder participation before shadow DAC

2Q 10 2Q 11 2Q 12 Δ 12/11

Realized gains/losses and impairments of investments (net)

-6 -283 163 +446

Interest expensefrom external debt -220 -239 -251 -12

Fully consolidatedprivate equity inv. (net) -15 -13 -47 -34

Restructuring charges -42 -37 -139 -102

Acquisition-related expenses -110 -34 -10 +24

Other non-operating -202 -72 -3 +69

Thereof: Amortization of intangible assets -17 -19 -31 -12

Income from fin. assetsand liab. carried at FV -185 -53 28 +81

Reclassification of tax benefits -2 -8 -3 +5

Non-operating items -597 -686 -290 +396

2Q 11 2Q 12

Realized gains/losses- Equities- Debt securities- Real estate and other

146 59 5334

370141 19435

Impairments (net)- Equities- Debt securities- Real estate and other

-429 -49

-366 -14

-207 -200

-3-4

Total -283 +163


31.03.12 30.06.12

Balance of unrealizedgains/losses in equities1 2.7bn 2.3bn

Balance of unrealizedgains/losses in fixed income1

5.8bn 6.6bn

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Limited exposure to selected sovereign debt

Total fixed income portfolio

Selected sovereign

bonds

EUR 437.8bn1 GreeceEUR 34.9bn

8.0%IrelandPortugalSpain

Italy

30.06.2012

gross net2

Greece3 -15 -8

Ireland -8 -4

Portugal -54 -33

Spain -442 -108

Sub-total -519 -153

Italy -1,997 -333

Total -2,516 -486

1) As of 30.06.2012; portfolio discussion is based on consolidated insurance segments (P/C, L/H, Corporate and Other, does not include Banking operations)2) After policyholder participation and taxes; based on 30.06.2012 balance sheet figures reflected in accumulated other comprehensive income3) After exchange

Percent of total fixed income portfolio Unrealized gains/losses (EUR mn)


~0.0%~0.0%

0.1%0.8%

7.1%

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Net income up 23 percent to EUR 1.3bn

EUR mn 2Q 10 2Q 11 2Q 12 Δ 12/11

Operating profit 2,302 2,300 2,364 +64

Non-operating items -597 -686 -290 +396

Income before taxes 1,705 1,614 2,074 +460

Income taxes -548 -543 -754 -211

Net income 1,157 1,071 1,320 +249

Non-controlling interests 68 71 86 +15

Net income attributable to shareholders 1,089 1,000 1,234 +234

Effective tax rate 32% 34% 36%


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1 Summary 6M 2012


3 Group

4 P/C

5 L/H

6 Asset Management

7 Summary


9 Glossary


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Strong revenue growth, operating profit at EUR 1.1bn

Revenues grow 5.2 percent to EUR 10.7bn

Operating profit decreases 16.3 percent to EUR 1.1bn,due to prior year impacts !

Group financial results 2Q 2012 – P/C

Combined ratio at 97.4 percent with 1.7%-p NatCat and 2.1%-p favorable net run-off

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Revenue development (EUR bn)

Revenues up 5.2 percent to EUR 10.7bn

2Q 10

10.7

2Q 11 2Q 12

10.0 10.2

+5.2%

+0.5% +3.7% +3.2%

Revenues of sel. OEs2

(EUR mn)2Q 10 2Q 11 2Q 12 Δ12/111

Germany 1,642 1,636 1,690 +3.3%

Switzerland 137 134 144 +3.0%

France 714 733 736 +0.4%

Italy 1,023 1,021 1,032 +1.1%

Spain 474 482 477 -1.0%

Latin America3 439 469 598 +33.0%

Reinsurance 730 662 692 +4.5%

AGCS 1,138 1,387 1,480 +6.8%

UK 528 533 606 +4.5%

Credit Insurance 427 492 500 +1.6%

Australia 555 642 737 +7.2%

CEE 608 624 562 -6.1%

Asia-Pacific 130 118 148 +15.3%

USA 805 689 805 +4.1%

Ger

man

Spea

king

C

ount

ries

Gro

wth

M

arke

tsG

loba

l Ins

uran

ce L

ines

&

Ang

lo M

arke

tsW

este

rn &

So

uthe

rnE

urop

e

USA

1) Changes refer to internal growth (adjusted for F/X and consolidation effects)2) Remarks concerning the operating entities’ revenues can be found in the appendix 3) South America and Mexico

Internal growth1:


Internal growth in 2Q 12 due to the combined effectof higher prices (+1.4%)and higher volume (+1.8%)

Iber

ia &

Latin

Amer

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Operating profit at EUR 1.1bn

Operating profit development(EUR mn)

-16.3%

1,1221,1471,323

1,111

663

Operating profit drivers(EUR mn)

1,329

96.3 95.0 97.4

Combined ratio (in %)

2Q 12 220 861 31

2Q 11 446 865 18

2Q 3Q

2010

4Q 1Q

2011

2Q 3Q 4Q 1Q 2Q

2012

1,093 1,112

Operatingprofit2Q 11

Under-writing

OtherInvest-ment

Operatingprofit2Q 12Δ 2Q 12/11

1,329

-226 -4

1,112+13


1,189

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Combined ratio at 97.4 percent(in %)

Loss ratio

Exp. ratio

+2.4%-p

97.496.3

68.6

27.7

94.9

66.7

28.2

97.1

68.7

28.4

101.3

73.3

28.0

95.0

67.0

28.0

2011

2Q

2010

2Q 3Q 4Q 1Q 3Q 4Q 2Q1Q

2012

97.6

70.5

27.1

97.6

69.2

28.4


68.3

27.9

96.2

69.4

28.0

1) South America and Mexico

Combined ratio (sel. OEs) 2Q 10 2Q 11 2Q 12

NatCatimpact in

2Q12

Germany 100.4 101.8 99.6 +2.5

Switzerland 91.9 88.5 90.8 +0.1

France 103.8 96.4 98.0

Italy 100.7 96.5 89.0 +3.6

Spain 90.5 89.9 91.3

Latin America1 98.5 95.8 100.2

Reinsurance 89.3 93.9 97.9 +2.9

AGCS 93.6 76.3 99.7 +8.1

UK 94.2 95.4 96.4

Credit Insurance 67.4 58.7 79.6

Australia 85.0 92.0 94.1 +0.3

CEE 103.7 97.6 100.3

Asia-Pacific 91.7 89.7 89.9

USA 107.3 125.7 122.6 +0.9USA

Gro

wth

M

arke

tsG

loba

l Ins

uran

ce L

ines

&

Ang

lo M

arke

tsG

erm

anSp

eaki

ng

Cou

ntrie

s

Wes

tern

&

Sout

hern

Eur

ope

Iber

ia &

La

tinAm

eric

a

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Accident year loss ratio at 71.5 percent(in %)

Accident year loss ratio

Excl. NatCatTotal NatCat element1

2Q 11 2Q 122Q 10

72.8

70.2 69.869.2

2.6 1.8

+0.5%-p

71.571.01.7

9-quarter overview accident year loss ratio

Run-off ratio2


72.8(9Q-Ø)

Excluding NatCatIncluding NatCat

2011 20122010

5.1

3.42.6

4.2 4.63.9 4.0 3.6

69.170.570.2 69.9 69.6 69.2

70.1 69.9

72.170.9

72.871.3

77.2

74.3

71.0

74.1

4Q 1Q 2Q 2Q2Q 3Q 3Q 4Q 1Q

2011 201220104Q 1Q 2Q 2Q2Q 3Q 3Q 4Q 1Q

1) NatCat costs (without reinstatement premiums): EUR 0.3bn (2Q 10), EUR 0.2bn (2Q 11) and EUR 0.2bn (2Q 12)2) Positive values indicate positive run-off; run-off ratio is calculated as run-off result in percent of net premiums earned

Development 2Q 2012/2011

69.8

71.5

2.1

2Q 11 Frequency/ severity

Credit Insurance

2Q 12Price NatCat

71.0+1.1

71.5+0.6

-1.1 -0.1

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Expense ratio stable(in %)

Other acquisitionexpenses

Admin. expenses

Commissions


6M 11 6M 12

5,4765,688

6M 10

5,321

14.314.314.3

1,345

6.7

1,314

7.0

1,268

6.9

2,9132,7962,733

28.028.027.9

6.7 6.7

7.0

1,4301,3661,320

in % of NPE

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Growing asset base offsets declining yield

Average asset base1 (EUR bn) Current yield (in %)

EquitiesDebt securities


CashOther2

1) Asset base includes health business France and liabilities from cash pooling, excludes fair value option and trading2) Real estate investments and funds held by others under reinsurance contracts assumed


2Q 11 2Q 122Q 10

5.1

78.7

5.5

78.5

6.6 6.994.7 95.8

4.9

+5.2%

100.8

7.3

6.14.6

82.8

4.3

2Q 11 2Q 122Q 10

0.93

2.251.85

0.94

2.15

0.90

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Interest & similar income1 941 887 906 896 953 957 911 928 965

Net harvesting and other2 -43 14 -76 -17 -27 -4 -39 -22 -34

Investment expenses -54 -60 -71 -56 -61 -64 -55 -67 -70

Operating investment income (EUR mn)

861844

8.38.7 8.2in % of NPE

841

759

7.6 8.5

1) Net of interest expenses 2) Comprises real. gains/losses, impairments (net), fair value option, trading and F/X gains and losses and policyholder participation.

Thereof related to UBR: 2Q 12: EUR -22mn, 2Q 11: EUR -32mn, 2Q 10: EUR -9mn

823

8.8

865

8.6

-0.5%

+1.3%

889

8.1

Stable investment returns

20122011

2Q 2Q

2010

2Q 3Q 4Q 1Q 3Q 4Q 1Q

817


839

8.4

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Price effects on renewals

Pricing overview for selected operating entities1 (in %)

1) Estimates based on 6M 2012 survey as communicated by our operating entities; coverage of P/C segment 78%2) Total actual rate change on YTD renewals including Ireland, but excluding AGCS


Selected OEsActual rate change

on renewalsIndication on price trend

Expert assessment of the market

Germany + 2.1 Motor rates in the market hardening, but still not profitable Non-motor commercial remains soft, stable market in retail

Austria + 1.6 Motor retail prices seem to have reached bottom Non-motor market remains soft in commercial lines

Italy + 2.8 Price increases in motor retail flattening out Strong competition in non-motor continuing

France + 3.9 Strong pricing in motor retail and non-motor Positive price momentum also on non-motor commercial

Spain - 0.7 Market remains soft in all lines with no improvement expected in near term Strong price competition in motor and commercial lines

FFIC + 1.9 Price pressure in retail First signs of hardening in commercial property, liability and fleet

UK + 3.1 Rate increases in motor retail flattening after 2 years of sharp increases Non-motor retail softening Commercial remains soft, hardening not expected before 2013

Australia + 3.9 Motor rates slightly improving despite fierce competition Price increases in property due to NatCat losses in 2011 expected to continue

Credit - 1.7 Negative pricing trend starting to reverse

AGCS + 0.4 Increases predominantly in heavy exposed NatCat areas Market conditions in long-tail lines remain challenging

6M 2012 + 2.02 Motor retail hardening in most geographies, mixed picture innon-motor, with commercial lines still soft in most markets

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1 Summary 6M 2012


3 Group

4 P/C

5 L/H

6 Asset Management

7 Summary


9 Glossary


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Resilient results across key metrics

Revenues stable at EUR 12.9bn

Operating profit at EUR 0.8bn, up 21 percent

New business margin at 1.7 percent and value of new business at EUR 163mn

Operating asset base grows to EUR 452.4bn

!

Group financial results 2Q 2012 – L/H

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Revenues of sel. OEs2

(EUR mn)2Q 10 2Q 11 2Q 12 Δ12/111

Germany Life 3,985 3,650 3,342 -8.4%

Germany Health 798 802 817 +1.9%

Switzerland 233 289 335 +11.5%

France 1,876 1,828 1,938 +7.2%

Italy 2,491 1,814 1,916 +5.6%

Benelux 357 405 615 +51.9%

Spain 249 238 270 +13.0%

Asia-Pacific 1,481 1,272 1,228 -9.5%

CEE 275 326 306 -2.5%

USA 2,053 2,069 1,976 -14.9%

Revenue development(EUR bn)

Revenues stable at EUR 12.9bn

Investment-oriented products

IFRSpremiums

1) Changes refer to internal growth (adjusted for F/X and consolidation effects)2) Remarks concerning the operating entities’ revenues can be found in the appendix

2Q 10 2Q 11 2Q 12

Internal growth1

+16.2% -5.9% -3.0%

-0.9%

7.4

5.6

13.0

8.1

6.0

14.112.9

Ger

man

Spe

akin

g C

ount

ries

Wes

tern

& S

outh

ern

Euro

peG

row

th

Mar

kets

USA

7.1

5.8


Iber

ia

& L

atin

Amer

ica

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Solid new business margin in volatile market

1) After non-controlling interests, including holding expenses and internal reinsurance. VNB and NBM include illiquidity premiumand European Commission guidance on yield curve extrapolation. All values using F/X rates as of each valuation date

2) Based on beginning of quarter economic assumptions. 2Q and 3Q 2011 figures have been restated to include Mexico

New business margin1,2

(VNB in % of PV of NB premiums)

PV of NB premiums1,2

(EUR bn)

Value of new business1,2

(EUR mn)

1.7

2.72.51.9

2Q 3Q 4Q 1Q

2011

2Q

2012

2Q 3Q 4Q 1Q

2011

2Q

2012

9.68.89.611.7

2Q 3Q 4Q 1Q

2011

2Q

2012

163

235244

219


1.9

11.5

223

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Value of new business by region

2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 IRRPayback periods

(yrs)

German SpeakingCountries 96 109 133 129 73 3.4 3.9 2.6 2.7 2.7 19.2 4.8

Western & Southern Europe 58 47 31 42 30 2.1 2.0 1.0 1.5 1.0 9.5 7.9

Iberia & Latin America4 10 11 13 14 12 4.4 5.2 3.7 5.3 3.7 11.7 6.9

Growth Markets 49 41 44 46 53 3.0 2.8 3.2 3.0 3.5 17.4 4.5

USA 47 43 31 15 18 2.3 2.2 1.6 0.8 0.9 11.1 7.1

Total3,4 244 235 219 223 163 2.5 2.7 1.9 1.9 1.7 12.1 6.7

Value of new business (EUR mn)1,2


1) After non-controlling interests. VNB and NBM include illiquidity premium andEuropean Commission guidance on yield curve extrapolation. All values using F/X rates as of each valuation date

2) Based on beginning of quarter economic assumptions

New business margin (in %)1,2

Capital return 2Q 12 (in %)5

3) Including holding expenses and internal reinsurance4) 2Q and 3Q 2011 figures have been restated to include Mexico5) Both IRR and Payback Period are real world metrics, using an expected

over-return on certain assets and capturing risks in the discount rate

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331) Net of interest expenses2) Includes changes in other assets and liabilities of EUR +0.4bn

Net inflows

F/X effects

OABas of 31.03.2012

Market effects2

Operating asset base(EUR bn)

452.4

+4.5

+4.4

444.3

Interest & similar income1

-1.6

+0.8

Operating asset base grows to EUR 452bn

Net flows (EUR bn) 2Q 11 2Q 12

Germany Life +0.5 +0.2

Germany Health +0.2 +0.2

France -0.2 -0.3

Italy -0.3 +0.0

CEE +0.0 +0.0

USA +0.8 +0.3

Asia-Pacific -0.6 +0.1

Other +0.0 +0.3

Total +0.4 +0.8

OABas of 30.06.2012


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Operating profit increases to EUR 821mn

1) For a description of the L/H operating profit drivers please refer to the glossary

821824

655554

702

520

679


Investm.result

Techn.result

Expenseresult


679+28 +40 821

+74

+20.9%

2Q 12 265 518 38

2Q 11 191 490 -2


Operating profit drivers1

(EUR mn)

Δ 2Q 12/11

2Q 3Q

2010

4Q 1Q

2011

2Q 3Q 4Q 1Q 2Q

2012

519


66 7683

Margin on reserves(in bps)

826

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Average asset base reaches EUR 377bn

Average asset base (EUR bn)1 Current yield (in %)

2Q 11 2Q 122Q 10

+8.0% EquitiesDebt securities


CashOther2

1) Asset base excludes unit linked, FVO and trading, and includes liabilities from cash pooling. Operating asset base includes FVO, trading, unit linked (excludes derivatives MVLO)

2) Real estate investments and funds held by others under reinsurance contracts assumed

21.7

303.7

24.6

311.2

8.18.7337.2349.0

4.5

2Q 11 2Q 122Q 10

1.12

1.77 1.85

1.13 1.09

2.1522.3

341.1

8.8376.9

4.7

3.7


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+18.3%

Interest & similar income1 3,974 3,636 3,850 3,807 4,176 4,025 3,991 4,042 4,402

Net harvesting and other2 273 619 173 494 -159 -714 17 843 324


Investment income at EUR 4.5bn

Operating investment income (EUR mn)

1) Net of interest expenses2) Comprises realized gains/losses, impairments (net), fair value option, trading and F/X gains and losses

4,5354,063 4,095 4,123

+5.4%

3,808

2Q 11 Δ 2Q 12 Impairments (net) -384 +180 -204Realized gains/losses (net) +335 +398 +733Income from fin. assets and liab. carried at FV -110 -95 -205

3,8343,101

20122011

2Q 2Q

2010

2Q 3Q 4Q 1Q 3Q 4Q 1Q

3,834


4,723

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6M MCEV development (EUR mn, after non-controlling interests)


Free surplusRequired capitalVIF

12M 2011MCEV

Inforcebusiness

contribution

Operatingvariances &assumption

changes

VNBat pointof sale

NetCapital

movement

6M 2012MCEV

Adjustmentand F/X

Economicvariances

6,603

14,814

-549

6,838

-1,671

16,56220,868

+2,068+1,234 +149 +386

-2,137-839

21,729

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1 Summary 6M 2012


3 Group

4 P/C

5 L/H

6 Asset Management

7 Summary


9 Glossary


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Excellent performance, again

Assets under Management grow 15.9 percent to EUR 1,748bn

Operating profit strong at EUR 0.6bn, up 20 percent

Cost-income ratio improved to 57.6 percent

3rd party net flows of EUR 18.6bn

!

Group financial results 2Q 2012 – AM

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AuM development (EUR bn)

1,657

1,281

376

3rd party AuM

Allianz Group assets

+15.9%

1,518

1,164

354

1,592

1,222

3701,508

1,151

357

1,492

1,138

3541,430

1,139

291

1,443

1,131

312

30.06. 30.09. 31.12. 31.03. 30.06. 30.09. 31.12.

2010 2011 2012

1,748

31.03.

394

1,354


Total Assets under Management grow to EUR 1,748bn

387

1,266

1,653

30.06.

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2.2 3.5 1.1 1.71.2 0.9

Remarkable 3rd party net inflows again

3rd party net flow development (EUR bn)

Net flowsin % of 3rdparty AuM eop

-0.4 1.8

3Q 4Q

19.6

9.9

1Q

22.9

40.3

12.9 14.0

-5.1

2Q

18.6

3Q 4Q 1Q 2Q 2Q


2010 2011 2012

23.5

1.5

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421) Excluding performance fees, 12-months rolling2) Net fee and commission income includes F/X effect of EUR +134mn

Revenues reach EUR 1.5bn

Performance fees

Other net fee and commission income

1,188

+15.2%

39.1 40.3 41.9

1,297

1,100

88

1,216

81

2Q 122Q 10 2Q 11

1,4942

1,439

55

Internal growth:+4.1%


Net fee & commission income development(EUR mn)

AAM 3rd party AuM driven margin1

(in bps)

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Net fee &comm. inc.

Operat.expenses


Operating profit grows to EUR 635mn

516

Otherincome

Δ 2Q 12/11

528521

+197635-3

-87

1) Net fee and commission income includes F/X effect of EUR +134mn; operating expenses include F/X effect of EUR -76mn

557

Cost-income ratio (in %)

57.659.5

528

+20.3%

56.6

537

2Q 12 1,4941 3 -8621

2Q 11 1,297 6 -775


Operating profit drivers(EUR mn)

2Q 3Q

2010

4Q 1Q

2011

2Q 3Q 4Q 1Q 2Q

2012

663 635528



613

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New setup


PIMCO key metrics

1) Reflects dissolution of integrated model with Allianz GIobal Investors, prior years’ figures not adjusted2) Enhanced methodology applied for all quarters

PIMCO continues strong performance

Total net flows(EUR bn)


Total AuM(EUR bn)

3-year-outperformance2

(in %)

904 965

1,4301

New setup

28.122.2 19.51

2Q 11 2Q 122Q 10

New setup

428 474 5431

2Q 11 2Q 122Q 10

52.945.3 49.8 Cost-incomeratio (in %)

91 95 961

30.06.11 30.06.1230.06.1030.06.11 30.06.1230.06.10

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New setup


Allianz GIobal Investors key metrics

Cost-income ratio below 70 percent

Total net flows(EUR bn)


Total AuM(EUR bn)

3-year-outperformance2

(in %)

508 526

2911

New setup

-1.6

-4.8-2.91

2Q 11 2Q 122Q 10

New setup

107 96 971

2Q 11 2Q 122Q 10

69.372.9 73.2 Cost-incomeratio (in %)

60 61 561

30.06.11 30.06.1230.06.10

1) Reflects dissolution of integrated model with PIMCO and enhanced cost allocation for corporate services and steering functions, prior years figures not adjusted2) Enhanced methodology applied for all quarters

30.06.11 30.06.1230.06.10

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1 Summary 6M 2012


3 Group

4 P/C

5 L/H

6 Asset Management

7 Summary


9 Glossary


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2Q 2012contributing …

Total revenues atEUR 25.2bn

Operating profit atEUR 2.4bn

Net income at EUR 1.3bn

Strong capital position

Another solid quarter in a challenging environment

Group financial results 2Q 2012 – Summary

1) Disclaimer: Impact from NatCat, financial markets and global economic development not predictable

Outlook1:

We remain on track to achieve our 12M 2012 operating profit target of:EUR 8.2bn

+/- 0.5bn

… to strong6M 2012 results

Total revenues increaseto EUR 55.2bn Operating profit grows

to EUR 4.7bn Net income at EUR 2.8bn,

up 39 percent Capital position remains

strong and balancesheet strengthfurther improved

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1 Summary 6M 2012


3 Group

4 P/C

5 L/H

6 Asset Management

7 Summary


9 Glossary


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Result by segments overview(EUR mn)

Group financial results 2Q 2012 – Additional information on Group

2Q 11 2Q 12 2Q 11 2Q 12 2Q 11 2Q 12 2Q 11 2Q 12 2Q 11 2Q 12 2Q 11 2Q 12Total revenues (EUR bn) 10.2 10.7 13.0 12.9 1.3 1.5 0.1 0.1 0.0 0.0 24.6 25.2

Operating profit 1,329 1,112 679 821 528 635 -205 -191 -31 -13 2,300 2,364Non-operating items -9 65 -329 -31 -47 -82 -303 -190 2 -52 -686 -290

Income b/ tax 1,320 1,177 350 790 481 553 -508 -381 -29 -65 1,614 2,074Income taxes -368 -370 -136 -284 -192 -208 145 108 8 0 -543 -754

Net income 952 807 214 506 289 345 -363 -273 -21 -65 1,071 1,320Net income attributable to:

Non-controlling interests 60 50 11 20 4 10 -4 6 0 0 71 86

Shareholders 892 757 203 486 285 335 -359 -279 -21 -65 1,000 1,234

Consolidation TotalP/C L/H AM CO

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Key figures(EUR mn)

1) Group own assets including financial assets carried at fair value through income, cash and cash pool assetsnet of liabilities from securities lending, derivatives and liabilities from cash pooling


Delta2Q 12/11

Total revenues (EUR bn) 25.4 24.5 26.0 29.9 24.6 24.1 25.0 30.1 25.2 +0.6 56.0 54.5 55.2

Operating profit 2,302 2,055 2,154 1,660 2,300 1,906 2,000 2,330 2,364 +64 4,034 3,960 4,694Non-operating items -597 -123 -609 -174 -686 -1,262 -898 -95 -290 +396 -338 -860 -385

Income b/ tax 1,705 1,932 1,545 1,486 1,614 644 1,102 2,235 2,074 +460 3,696 3,100 4,309

Income taxes -548 -664 -364 -571 -543 -386 -542 -790 -754 -211 -936 -1,114 -1,544

Net income 1,157 1,268 1,181 915 1,071 258 560 1,445 1,320 +249 2,760 1,986 2,765

Net income attributable to:

Non-controlling interests 68 4 46 58 71 62 68 74 86 +15 106 129 160

Shareholders 1,089 1,264 1,135 857 1,000 196 492 1,371 1,234 +234 2,654 1,857 2,605

Group financial assets1 (EUR bn) 467.4 471.1 470.1 470.2 473.3 480.5 485.4 502.0 507.7 +34.4 467.4 473.3 507.7

2Q 2012

6M 2010

6M 2011

6M 2012

2Q 2010

3Q 2010

4Q 2010

1Q 2011

2Q 2011

3Q 2011

4Q 2011

1Q 2012

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Key figures(EUR mn)

Group financial results 2Q 2012 – Additional information on P/C

Delta2Q 12/11

Gross premiums written (EUR bn) 10.0 10.6 9.4 14.3 10.2 10.8 9.5 14.8 10.7 +0.5 23.9 24.4 25.5

Operating profit 1,147 1,122 1,323 663 1,329 1,111 1,093 1,189 1,112 -217 1,859 1,992 2,301Non-operating items -7 113 -239 173 -9 -300 -43 -25 65 +74 142 164 40

Income b/ tax 1,140 1,235 1,084 836 1,320 811 1,050 1,164 1,177 -143 2,001 2,156 2,341

Income taxes -303 -363 -280 -279 -368 -298 -260 -328 -370 -2 -573 -647 -698

Net income 837 872 804 557 952 513 790 836 807 -145 1,428 1,509 1,643Net income attributable to:

Non-controlling interests 51 51 28 38 60 38 38 39 50 -10 82 98 89

Shareholders 786 821 776 519 892 475 752 797 757 -135 1,346 1,411 1,554

Combined ratio (in %) 96.3 97.1 94.9 101.3 95.0 97.6 97.6 96.2 97.4 +2.4%-p 98.4 98.1 96.8

Segment financial assets1 (EUR bn) 96.5 96.2 96.1 98.1 97.2 99.0 98.2 101.4 101.8 +4.6 96.5 97.2 101.8

6M 2012

1Q 2012

2Q 2012

6M 2010

6M 2011

2Q 2011

3Q 2011

4Q 2011

2Q 2010

3Q 2010

4Q 2010

1Q 2011

1) Group own assets including financial assets carried at fair value through income, cash and cash pool assetsnet of liabilities from securities lending, derivatives and liabilities from cash pooling

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Remarks concerning the operating entities’ revenues

Germany In 2011, transfer of China Branch to Asia Pacific (impact 2010: EUR 12mn)

A large proportion of reinsurance is from internal businessReinsurance

Group financial results 2Q 2012 – Additional information on P/C

Switzerland In 2010, sale of Phenix and Alba(impact 2010: EUR 13mn)

AGCS

CEE

Asia-Pacific

USA

In 2011, Hongkong/Singapore business transferred to AGCS(impact 2010: EUR 12mn)

In 2011, sale of Kazakhstan(impact 2010: EUR 2mn; impact 2011: EUR 5mn)

In 2011, Hongkong/Singapore business transferred to AGCSand China Branch transferred from AZ Sach(impact 2010: EUR 10mn)

In 2011, marine business transfer to AGCS(impact 2010: EUR 10mn)

Australia In 2012, acquisition of underwriting agencies(impact 2011: EUR 1mn; impact 2012: EUR 3mn)

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Key figures(EUR mn)

1) Represents operating profit divided by the average of (a) current quarter end and prior quarter end net reserves and(b) current quarter end and prior year end net reserves, whereby net reserves equal reserves for loss and loss adjustmentexpenses, reserves for insurance and investment contracts and financial liabilities for unit-linked contracts less reinsurance assets

2) Segment own assets (incl. financial assets carried at fair value through income).Including cash and cash pool assets net of liabilities from securities lending, derivatives and liabilities from cash pooling

3) Grossed up for insurance liabilities which are netted within the trading book (market value liability option).Including cash and cash pool assets net of liabilities from securities lending and derivatives

Delta2Q 12/11

Statutory premiums (EUR bn) 14.1 12.6 15.1 14.3 13.0 11.8 13.8 13.7 12.9 -0.1 29.5 27.2 26.6

Operating profit 824 655 554 702 679 520 519 826 821 +142 1,659 1,381 1,647Non-operating items 23 -4 -69 -4 -329 -88 -67 29 -31 +298 -12 -333 -2

Income b/ tax 847 651 485 698 350 432 452 855 790 +440 1,647 1,048 1,645

Income taxes -287 -206 -217 -216 -136 -197 -185 -229 -284 -148 -511 -352 -513

Net income 560 445 268 482 214 235 267 626 506 +292 1,136 696 1,132Net income attributable to:

Non-controlling interests 19 9 23 21 11 21 21 23 20 +9 40 32 43

Shareholders 541 436 245 461 203 214 246 603 486 +283 1,096 664 1,089

Margin on reserves1 (in bps) 83 65 54 69 66 50 50 78 76 10 85 67 77

Segment financial assets2 (EUR bn) 348.3 351.6 350.6 348.5 352.4 358.4 364.0 373.6 381.1 +28.7 348.3 352.4 381.1

Unit-linked investments (EUR bn) 61.0 61.7 64.8 64.8 64.8 61.2 63.5 66.8 67.4 +2.6 61.0 64.8 67.4

Operating asset base3 (EUR bn) 412.7 416.6 419.3 417.1 421.0 423.1 431.1 444.3 452.4 +31.4 412.7 421.0 452.4

6M 2012

1Q 2012

2Q 2012

6M 2010

6M 2011

2Q 2011

3Q 2011

4Q 2011

2Q 2010

3Q 2010

4Q 2010

1Q 2011

Group financial results 2Q 2012 – Additional information on L/H

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Remarks concerning the operating entities’ revenues

Switzerland In 2010, sale of Phénix Vie; in 2012, Amaya is now reported within Spain(impact 2010: EUR 10mn; impact 2011: EUR 1mn)

Italy


France As of 2011, business written by Allianz Global Life (AGL) in France is reflected in the results of Allianz France; in 2012, sale of Coparc (impact 2010: EUR 16mn; impact 2011: EUR 21mn)

As of 2011, business written by Allianz Global Life (AGL) in Italy isreflected in the results of Allianz Italy (impact 2010: EUR 22mn)

Spain In 2012, Amaya is now reported within Spain(impact 2010: EUR 2mn; impact 2011: EUR 1mn)

Benelux The growth primarily comes from Luxembourg, which saw significant revenues increasein its partnership business, which utilizes distribution partners of Allianz France

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Operating investment income – details(EUR mn)

1) Net of interest expenses


Interest & similar income1 3,974 3,636 3,850 3,807 4,176 4,025 3,991 4,042 4,402


Net harvesting and other 273 619 173 494 -159 -714 17 843 324

Realized gains/losses 212 587 788 718 335 590 545 1,067 733

Impairments (net) -184 -95 -116 -62 -384 -979 -259 -62 -204

Fair value option 91 184 65 60 31 -197 22 105 -32

Trading -300 493 -773 236 20 -370 -592 -253 -450

F/X result 454 -550 209 -458 -161 242 301 -14 277

Operating investment income 4,063 4,095 3,808 4,123 3,834 3,101 3,834 4,723 4,535

2Q 2012

2Q 2011

3Q 2011

4Q 2011

1Q 2012

2Q 2010

3Q 2010

4Q 2010

1Q 2011

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MCEV and VNB methodology updated

Changes implemented toachieve greaterconsistency with draft Solvency II frameworkand businessmodel

2012 methodology adjustment effects

Yield curve extrapolation In line with guidance from EU Commission Extrapolation starting at 20 years

for EUR (was 30 years) No deep and liquid market for cash bonds in

Eurozone beyond 20 years

+48mn +2.8bn

VNB MCEV

New model for life non-market risks Update of internal risk capital model for life non-

market risks, in line with Solvency II guidance Increase in costs for non-hedgeable risks

-9mn -0.6bn

Going concern reserve (Germany Life) Part of the unallocated RfB used to write future

new business, in line with business model Reduces the buffer for emergency situations,

leading to higher O&G and lower MCEV

-10mn -1.0bn

“Zinszusatzreserve” (Germany Life) New regulation on additional reserves in

markets with low interest rates Increases the buffer for low interest scenarios,

reducing O&G and increasing MCEV

Not yetapplied

+0.7bn


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Value of new business1

(EUR mn)

1) After non-controlling interests, including holding expenses and internal reinsurance. VNB and NBM include illiquidity premium, European Commission guidance on yield curve extrapolation and updated cost of capital charge for all periods. All values using F/X rates as of valuation date

2) Internal growth (adjusted for F/X and consolidation effects)3) The single premium for Germany Life does not include Parkdepot business (2Q 11: EUR 328mn, 2Q 12: EUR 134mn) 4) Total including holding expenses and internal reinsurance


Region 2Q 11 2Q 12 2Q 11 2Q 12 2Q 11 2Q 12 Δ %2 2Q 11 2Q 12 2Q 11 2Q 12

German Speaking Countries 96 73 3.4% 2.7% 2,876 2,733 -5.3% 154 120 1,203 1,192

Germany Life 3 86 67 3.6% 3.1% 2,363 2,168 -8.5% 121 89 1,069 1,025

Europe 58 30 2.1% 1.0% 2,824 3,072 +8.7% 96 108 2,095 2,311

France 18 15 1.4% 1.1% 1,311 1,397 +6.6% 36 47 941 978

Italy 30 14 2.6% 1.0% 1,153 1,416 +22.9% 39 48 984 1,175

Iberia & Latin America 10 12 4.4% 3.7% 226 328 +41.3% 16 19 125 193

Growth Market 49 53 3.0% 3.5% 1,656 1,510 -14.0% 188 184 1,224 708

Asia-Pacific 31 37 2.5% 3.3% 1,228 1,139 -14.6% 151 147 996 519

CEEMA 16 16 4.5% 4.9% 368 321 -11.0% 37 38 168 139

USA 47 18 2.3% 0.9% 2,006 1,981 -13.6% 4 11 1,968 1,891

Total4 244 163 2.5% 1.7% 9,589 9,624 -3.7% 460 442 6,615 6,294

Single premium

Value of new business

New business margin

Recurring premium

Present value ofnew business premium

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MCEV development (1/2) (EUR mn, after non-controlling interests)


Free surplus

Required capital

VIF

Free surplus -549 -392 1,453 21 -881 -484 -839 -1,671

Req. capital 14,814 557 -317 249 563 696 0 16,562

VIF 6,603 1,903 98 -121 704 -2,349 0 6,838

MCEV 20,868 2,068 1,234 149 386 -2,137 -839 21,729

5

1

2

3

4 6

7

Free surplusRequired capitalVIF

20,868+2,068

+1,234 +386

21,729

-549

+149

6,603

14,814

6,838

16,562

-1,671

12M 2011MCEV

Inforcebusiness

contribution

Operatingvariances &assumption

changes

VNBat pointof sale

NetCapital

movement

6M 2012MCEV

Adjustmentand F/X

Economicvariances

-2,137 -839

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MCEV development (2/2) (EUR mn, after minorities)

1) Includes EUR 379mn effect of reduced spread on Italian government bonds in changes in interest rate2) Includes EUR -196mn effect of increased spread on Spanish government bonds in changes in interest rate3) Includes EUR 95mn effect of narrowing credit spreads in the US in changes in interest rate


MCEV development (2/2)(EUR mn, after non-controlling interests)

EUR mn German speaking countries

Western & Southern Europe1

Iberia & Latin

America2

Growth Markets

USA3 Total4

Economic variances -1,477 -365 -210 -38 -58 -2,137Driven by changes in interest rate -2,115 -406 -210 -53 -197 -2,970Driven by changes in equity value 498 0 0 0 39 537Driven by changes in volatilities 141 40 0 15 99 296

2,068 = 2,762-952692

-603169

Impact yield curve extrapolation from 20 year (was 30 years) for EuroImpact implementation going concern reserve in Germany LifeImpact implementation Zinszusatzreserve (ZZR) in Germany LifeImpact new life non-market risk modelFX impact, mostly from the US

1,453 = 686317131319

Projected release of risk free profits from VIF in the reporting periodProjected release of in-force capitalRisk free return on net asset valueExpected over-returns earned in the year on net asset value, mainly from US spreads

98 = -686462322

Projected release of risk free profits from VIF in the reporting periodProjected unwinding of VIF at the risk free rateVIF increase from higher asset base due to expected over-return

21 Variances from crediting, mortality and morbidity

-121 = -16241

Experience variances and assumption changes for lapse, renewal and expensesMostly offsetting effects from improved modelling in Germany Life and France

-881 = -563-318

New business capital strainNew business cash strain

1

2

3

4

5

6

7

4) Total includes holding expenses and reinsurance

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Key figures(EUR mn)

1) 3rd party Assets under Management are end of period values

Group financial results 2Q 2012 – Additional information on AM

Delta2Q 12/11

Operating revenues 1,188 1,256 1,426 1,273 1,303 1,326 1,600 1,439 1,497 +194 2,304 2,576 2,936

Operating profit 516 521 557 528 528 537 663 613 635 +107 982 1,056 1,248Non-operating items -128 -60 -60 -99 -47 -54 -57 -22 -82 -35 -335 -146 -104

Income b/ tax 388 461 497 429 481 483 606 591 553 +72 647 910 1,144

Income taxes -158 -180 -205 -120 -192 -150 -225 -212 -208 -16 -274 -312 -420

Net income 230 281 292 309 289 333 381 379 345 +56 373 598 724Net income attributable to:

Non-controlling interests 3 2 1 3 4 5 6 11 10 +6 -3 7 21

Shareholders 227 279 291 306 285 328 375 368 335 +50 376 591 703

Cost-income ratio (in %) 56.6 58.5 60.9 58.5 59.5 59.5 58.6 57.4 57.6 -1.9%-p 57.4 59.0 57.5

3rd party AuM1 (EUR bn) 1,138.5 1,130.9 1,164.0 1,138.5 1,150.9 1,222.3 1,281.3 1,266.4 1,354.0 +203.1 1,138.5 1,150.9 1,354.0

2Q 2011

3Q 2011

4Q 2011

2Q 2010

3Q 2010

4Q 2010

1Q 2011

6M 2012

1Q 2012

2Q 2012

6M 2010

6M 2011

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3rd party AuM1

(EUR bn)

Asia-Pacificand rest

United States4

1,151

Germany

Europeex Germany

AuM regional breakdown2

126

723

1,139

1,354

98

893

Other3

376

30.06.1230.06.10 30.06.11

100

172

17

134

20218

AuM development

31.12.11

Net inflows

F/X effects

30.06.12

Consoeffects

Marketeffects

1,281

+42

+59


114

175

721

124

27


1) Comprises 3rd party AuM managed by AAM and other Allianz Group companies2) Based on the origination of the assets (AAM only)3) Consists of 3rd party assets managed by other Allianz Group companies, no regional breakdown4) 3rd party AuM in US-Dollar: 885bn, 1,045bn and 1,133bn as of 30.06.10, 30.06.11 and 30.06.12, respectively

1,354

-52

+24

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3rd party AuM1

(EUR bn)

AuM client mix

1,151

765

1,139

394

757 878

1,354

476

InstitutionalRetail

30.06.1230.06.10 30.06.11


374

1) Comprises 3rd party AuM managed by AAM and other Allianz Group companies2) Includes also EUR 2bn, 1bn and 2bn “other” assets as of 30.06.10, 30.06.11 and 30.06.12, respectively

AuM product mix2

1,151

992

1,139

153

997 1,207

1,354

145

Fixed IncomeEquity

30.06.1230.06.10 30.06.11

145

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Reconciliation Asset Management

Operating profit development(EUR mn)


Allianz Global Investors


PIMCO

635


+11

AAMHolding

Non-AAM

+26+1+69528

Consolidation

0

AAM Holding-52

PIMCO

Allianz Global Investors

Non-AAM/ Other 10

96

474

-26

543

97

21

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Key figures (EUR mn)

1) Risk weighted assets are end of period values. RWA based on Basel II approach

Group financial results 2Q 2012 – Additional information on Corporate and Other

Delta2Q 12/11

Total revenues (Banking) 138 146 175 151 137 129 150 155 141 +4 266 288 296

Operating profitHolding & Treasury -138 -237 -262 -221 -170 -234 -199 -267 -184 -14 -364 -391 -451

Banking -15 -24 -2 2 -24 -9 -37 -15 -21 +3 -38 -22 -36

Alternative Investments -2 -9 -2 -4 -11 9 1 -1 13 +24 -4 -15 12

Consolidation 0 0 0 0 0 1 -1 -1 1 +1 0 0 0Corporate andOther operating profit -155 -270 -266 -223 -205 -233 -236 -284 -191 +14 -406 -428 -475

Non-operating itemsHolding & Treasury -466 -55 -120 -245 -287 -861 -608 -60 -202 +85 -221 -532 -262

Banking -32 -8 -96 0 8 -3 -119 0 13 +5 -26 8 13

Alternative Investments -31 -222 -5 -37 -25 -30 -1 -11 -1 +24 -101 -62 -12

Consolidation 16 19 16 21 1 24 4 0 0 -1 101 22 0Corporate andOther non-operating items -513 -266 -205 -261 -303 -870 -724 -71 -190 +113 -247 -564 -261

Income b/taxes -668 -536 -471 -484 -508 -1,103 -960 -355 -381 +127 -653 -992 -736Income taxes 197 82 287 32 145 271 106 -28 108 -37 406 177 80

Net income -471 -454 -184 -452 -363 -832 -854 -383 -273 +90 -247 -815 -656Net income attributable to:

Non-controlling interests -5 -58 -6 -4 -4 -2 3 1 6 +10 -13 -8 7

Shareholders -466 -396 -178 -448 -359 -830 -857 -384 -279 +80 -234 -807 -663

Cost-income ratio Banking (in %) 103.7 104.1 92.6 88.2 93.4 96.9 85.4 80.1 85.0 -8.4%-p 105.7 90.6 82.4

RWA1 Banking (EUR bn) 9 9 9 9 9 9 9 9 9 +0 9 9 9

2Q 2010

3Q 2010

4Q 2011

4Q 2010

1Q 2011

2Q 2011

3Q 2011

6M 2012

1Q 2012

2Q 2012

6M 2010

6M 2011

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Asset allocation(EUR bn)


30.06.11 30.06.12 30.06.11 30.06.12 30.06.11 30.06.12 30.06.11 30.06.12 30.06.11 30.06.12 30.06.11 30.06.12

Equities 2 5.6 4.1 24.7 22.1 0.1 0.1 3.1 1.7 0.0 0.0 33.5 28.0

Debt sec. 3 61.0 65.1 216.0 248.8 1.0 0.9 18.1 21.7 0.0 0.0 296.1 336.5

Cash and cash pool assets 4 4.2 6.9 4.6 4.4 1.3 1.6 -2.5 -3.3 -0.3 -1.1 7.3 8.5

Other 5 7.1 7.3 8.7 9.0 0.0 0.0 0.2 0.3 -6.3 -6.8 9.7 9.8

Sum 77.9 83.4 254.0 284.3 2.4 2.6 18.9 20.4 -6.6 -7.9 346.6 382.8

Loans and advances Debt sec.3 17.6 17.7 97.1 96.4 0.4 1.2 17.3 18.2 -9.5 -10.2 122.9 123.3

Investments & loans 95.5 101.1 351.1 380.7 2.8 3.8 36.2 38.6 -16.1 -18.1 469.5 506.1

1.3 0.5 4.4 4.2 0.7 0.7 0.1 0.0 0.0 0.0 6.5 5.4

0.4 0.2 -3.1 -3.8 0.0 0.0 0.0 -0.2 0.0 0.0 -2.7 -3.8

Group financial assets 97.2 101.8 352.4 381.1 3.5 4.5 36.3 38.4 -16.1 -18.1 473.3 507.7

4.8 3.2 23.6 20.7 0.0 0.1 2.6 1.2 0.0 0.0 31.0 25.2

0.8 0.9 1.1 1.4 0.1 0.0 0.5 0.5 0.0 0.0 2.5 2.8

5.6 4.1 24.7 22.1 0.1 0.1 3.1 1.7 0.0 0.0 33.5 28.0

10.2 8.8 1.6 1.3 0.0 0.0 69.7 73.9 -81.5 -84.0 0.0 0.0

105.7 109.9 352.7 382.0 2.8 3.8 105.9 112.5 -97.6 -102.1 469.5 506.1

2.3 2.4 6.1 6.1 0.0 0.0 0.2 0.3 0.0 0.0 8.6 8.8

4.8 4.9 2.6 2.9 0.0 0.0 0.0 0.0 -6.3 -6.8 1.1 1.0

7.1 7.3 8.7 9.0 0.0 0.0 0.2 0.3 -6.3 -6.8 9.7 9.8

Group1L/H AM Corporate and Other

Consolidation

Investments

Equities

Financial assets and liabilities designatedat fair value6

Financial assets and liabilities held for trading6

P/C

Other

Funds under reins. contr. assumed

Real estate held for investment

Affiliated enterprises

Equities AFS

Equities associated ent. / joint ventures

Investments & loans incl. affiliated ent.

1) Comprising assets and liabilities from continuing operations only2) Equities incl. associated enterprises/ joint ventures, excl. affiliated enterprises3) Debt securities (EUR 336.5bn) and loans and advances (EUR 123.3bn) show Group fixed income

(EUR 459.8bn). Fixed income for consolidated insurance segments (P/C, L/H, CO and Other, does not include Banking operations) amounts to EUR 437.8bn

4) Net of liabilities from securities lending and including liabilities from cash pooling

5) Other incl. real estate held for investment and funds held byothers under reinsurance contracts assumed

6) Net of liabilities

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Average AuM P/C and L/H:basis for yield calculation (EUR bn)

1) Equities including associated enterprises/ joint ventures, excl. affiliated enterprises2) Net of liabilities from securities lending and including liabilities from cash pooling3) Other including real estate held for investment and funds held by others under reinsurance contracts assumed

Group financial results 2Q 2012 – Additional information on P/C and L/H

31.03.12 30.06.12 Average 31.03.12 30.06.12 Average

Equities 1 5.2 4.1 4.6 22.4 22.1 22.3

Debt sec. 65.3 65.1 65.2 240.2 248.8 244.5

Cash and cash pool assets 2 5.2 6.9 6.1 5.0 4.4 4.7

Other 3 7.3 7.3 7.3 8.6 9.0 8.8

Sum 83.0 83.4 83.2 276.2 284.3 280.3

Loans & advances Debt sec. 17.4 17.7 17.6 96.8 96.4 96.6

100.4 101.1 100.8 373.0 380.7 376.9

4.3 3.2 3.7 21.0 20.7 20.9

0.9 0.9 0.9 1.4 1.4 1.4

5.2 4.1 4.6 22.4 22.1 22.3

8.7 8.8 8.7 1.3 1.3 1.3

109.1 109.9 109.5 374.3 382.0 378.2

2.3 2.4 2.4 5.9 6.1 6.0

5.0 4.9 4.9 2.7 2.9 2.8

7.3 7.3 7.3 8.6 9.0 8.8

P/C L/H

Funds under reins. contr. assumed

Real estate

Affiliated ent.

Equities AFS

Equities assoc. ent. / joint ven.

Investments & loans incl. aff. ent.

Investments

Other

Equities

Investments & loans

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Investment result(EUR mn)


1) Comprising result from continuing operations only2) Net of interest expenses, excluding interest expenses from external debt3) Contains inc. from financial assets/ liabilities carried at fair value and operating trading result excluding F/X result4) Investment return calculation is based on total assets including liabilities from cash pooling

2Q 11 2Q 12 2Q 11 2Q 12 2Q 11 2Q 12 2Q 11 2Q 12 2Q 11 2Q 12 2Q 11 2Q 12

Interest and similar income2 953 965 4,176 4,402 4 6 113 70 -24 -72 5,222 5,371

Inc. fr. fin. assets and liab. carried at FV3 38 -41 51 -482 3 -7 23 19 8 -3 123 -514

Realized gains/losses (net) 3 9 335 733 0 0 0 0 1 3 339 745

Impairments of investments (net) -7 -11 -384 -204 0 0 0 0 0 0 -391 -215

F/X result -29 34 -161 277 -6 0 -25 -9 -4 0 -225 302

Investment expenses -61 -70 -183 -191 0 0 -25 -25 61 70 -208 -216

Subtotal 897 886 3,834 4,535 1 -1 86 55 42 -2 4,860 5,473

Inc. fr. fin. assets and liab. carried at FV -14 -82 -3 4 0 0 -33 109 -3 -3 -53 28

Realized gains/ losses (net) 123 354 -129 -10 0 0 22 26 130 0 146 370

Impairments of investments (net) -83 -120 -195 -22 -2 -1 -19 -64 -130 0 -429 -207

Subtotal 26 152 -327 -28 -2 -1 -30 71 -3 -3 -336 191

Net investment income 923 1,038 3,507 4,507 -1 -2 56 126 39 -5 4,524 5,664

Investment return in % of avg. investm. 4 0.9% 1.0% 1.0% 1.2% n/m n/m 0.2% 0.3% n/m n/m 1.0% 1.1%

Movements in unrealized gains/losseson equities -97 -232 -271 -544 0 -2 -275 -138 n/m n/m -643 -916

Total investment return in % of avg. inv. 4 0.8% 0.8% 0.9% 1.1% n/m n/m -0.6% 0.0% n/m n/m 0.8% 0.9%

Operating investment result

Non-operating investment result

Corporate and Other Consolidation Group1P/C L/H AM

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Shareholders’ equity(EUR mn)


Paid-incapital

Retained earnings

Foreign currency

translation adjustments

Unrealized gains and

losses (net)

Shareholders' equity

Non-controlling interests

Total equity

Balance as of 31.12.10 28,685 13,088 -2,339 5,057 44,491 2,071 46,562

Total comprehensive income 1,838 -911 -776 151 120 271

Paid-in capital

Treasury shares 9 9 9

Transactions between equity holders -4 -4 4 0

Dividends paid -2,032 -2,032 -121 -2,153

Balance as of 30.06.11 28,685 12,899 -3,250 4,281 42,615 2,074 44,689

Balance as of 31.12.11 28,763 13,522 -1,996 4,626 44,915 2,338 47,253

Total comprehensive income 2,648 427 2,096 5,171 282 5,453

Paid-in capital

Treasury shares 12 12 12

Transactions between equity holders -64 14 2 -48 -93 -141

Dividends paid -2,037 -2,037 -138 -2,175

Balance as of 30.06.12 28,763 14,081 -1,555 6,724 48,013 2,389 50,402

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Non-controlling interests0.0 (0.7%)

Revaluation reserve of EUR 27.9bn (EUR bn)

Off balance sheet On balance sheetRevaluation reserveShareholders’

share2.2 (36.8%)

Deferred taxes1.0 (16.5%)

Policyholders’share2.7 (46.0%) 27.9

Policy-holders’share

AFS shareholders’

share

Non-controlling interests1

Deferredtaxes

-9.7 0 8.96.7

1) Non-controlling interests in revaluation reserve amounts to EUR -38mn

5.8

Shadow DAC

-2.3

Shareholders’share

-3.4 0.1

Cash flow hedges

andother

Real estate

Available for sale

0.1

Associated enterprises, joint ventures

22.0


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Conglomerate solvency: details as of 30.06.12 (EUR bn)

Available funds

Available funds

Off-B/S reservesfor investments

Free RfB

Subordinated bonds, participation certific.

Commerzbankshares

Goodwill,other intangibles

Dividend accruals

Shareholders’equity1

-14.5

44.9

+2.2

+5.5

+9.3

-0.1

-1.0

43.5

1) Adjusted for unrealized gains/losses on available-for-sale bonds (negative effect of EUR 4.5bn)

Required capital

1.1

P/C

L/H

7.4

14.6

24.2

CO

AM 1.1


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448.4 461.1

30.06.11 30.06.1231.12.11

481.9

Total EUR 481.9 (EUR 461.1bn)

Equities6% (6%)

Cash/Other1% (2%)

as of 30.06.12 (31.12.11)

1) Portfolio discussion is based on consolidated insurance portfolios (P/C, L/H, Corporate and Other, does not include Banking operations)2) Excluding real estate own use and real estate held for sale

Overview investment portfolio (EUR bn)

Group investments and loans1

Real estate2

2% (2%)


Debt91% (90%)

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By rating3By type of issuer

Net AFS unrealized gains/losses (EUR bn)4

1) Including U.S. agency MBS investments (EUR 5.5bn)2) Including 4% seasoned self-originated German private retail mortgage loans;

1% short-term deposits at banks

ABS/MBS1 5%

Government 36%Covered 24%Corporate 30%

Fixed income portfolio (30.06.12)

TotalEUR 437.8bn

AAA 41%AA 13%A 26%BBB 15%Non-investment grade 3%

*) mostly mortgage loans, policyholder loans, regis-tered debentures, all of investment grade quality

Not rated* 2%Other2 5%

thereof Banking 9%

3) Excluding seasoned self-originated German private retail mortgage loans4) On-balance unrealized gains/ losses after tax, non-controlling interests,

policyholders and before shadow DAC

By segment (EUR bn)19.0

340.5

78.3Corporate and other 4%

L/H 78%P/C 18% 5.8


6.6

2Q 121Q 12

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By ratingBy region

Fixed income portfolio:government and government related (30.06.12)

1) Government and government related (excl. U.S. agency MBS)2) On-balance unrealized gains/ losses after tax, non-controlling interests and policyholders and before shadow DAC

TotalEUR 158.5bn1

9.5

118.7


L/H 75%P/C 19% 2.3

1.9


AAA 43%AA 17%A 28%BBB 8%Non-investment grade 2%Not rated 2%

UK 1%

Germany 17%Italy 20%France 18%Spain 2%

Rest of Europe 18%USA 5%Rest of World 15%

Supranational 4%

Net AFS unrealized gains/losses (EUR bn)2By segment (EUR bn)

2Q 121Q 12

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By country

Fixed income portfolio:covered bonds (30.06.12)

TotalEUR 103.9bn

UK 6%

France 15%Spain 9%

Switzerland 2%Ireland 1%

Sweden 1%


1) On-balance unrealized gains/ losses after tax, non-controlling interests and policyholders and before shadow DAC


81.4


L/H 79%P/C 17%

0.30.3


AA 11%A 9%BBB 3%Non-investment grade 0%Not rated 0%

Rest of World 13%

Germany 53%

By rating

AAA 77%

2Q 121Q 12

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By sector


1) Including Eurozone loans/ bonds (1%), U.S. corporate mortgages (4%) 2) On-balance unrealized gains/ losses after tax, non-controlling interests, policyholders and before shadow DAC

TotalEUR 130.5bn

Banking 29%Other financials 8%Consumer 14%Communication 9%Industrial 7%Utility 9%Other 24%

Fixed income portfolio:corporate (30.06.12)


104.5


L/H 80%P/C 17%

3.02.5


AA 9%A 38%BBB 34%Non-investment grade 6%Not rated1 5%

By rating

AAA 8%

2Q 121Q 12

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By country

Fixed income portfolio corporate: thereof banks (30.06.12)

TotalEUR 37.7bn

France 10%UK 12%

Spain 1%Italy 6%

Rest Eurozone 16%

USA 16%Europe ex Eurozone 12%


Net AFS unrealized gains/losses (EUR bn)1By segment (EUR bn)2.4

26.7


L/H 71%P/C 23%

0.20.2



Rest of World 12%

By rating

AAA 10%

thereof subordinated bonds: EUR 7.7bn

Germany 15%

2Q 121Q 12

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By type of category

Fixed income portfolio:ABS (30.06.12)

TotalEUR 20.8bn


Credit Card 2%

CMBS 48%RMBS 7%CMO/CDO 6%

Other 9%

U.S. Agency 26%

Auto 2%


16.5


L/H 79%P/C 19% 1.0

0.8



By rating

AAA 81%

2Q 121Q 12

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By region

Eurozoneex Germany 27%

Germany 18%

Europeex Eurozone 18%NAFTA 16%

Rest of World 8%

1) Incl. non-equity retail funds (EUR 0.6bn), excl. equities designated at fair value through income (EUR 2.2bn)2) Diversified investment funds (EUR 2.3bn); private and unlisted equity (EUR 6.2bn)3) On-balance unrealized gains/ losses after tax, non-controlling interests and policyholders and before shadow DAC4) Incl. private equity LP funds (EUR 1.3bn) and mutual stock funds (EUR 2.3bn)

Equity portfolio (30.06.12)

Industrial 5%Energy 7%

Consumer 19%

Funds and Other2 34%

Basic materials 10%Utilities 3%

TotalEUR 27.9bn1


22.1


L/H 79%P/C 15%

2.32.7


By industry

Other Financials 15%

Multinational4 13%

Banking 7%

2Q 121Q 12

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Equity exposure(EUR bn)

5.7

30.06.2011

1) Equity investments held available for sale and designated at fair value (30.06.11: EUR 2.9bn, 31.12.11: EUR 2.6bn, 30.06.12: EUR 2.8bn);associated enterprises, non consolidated affiliated enterprises and JVs

2) Shareholders’ equity and shareholders’ share of off-balance sheet reserves excluding goodwill

Gross equity exposure Net equity exposure

31.12.2011

30.06.2012

30.06.2011

31.12.2011

30.06.2012

26.8

0.7

5.2

24.3

3.2

0.6

36.41

30.81

10.4

3.7

4.9

0.53.0

12.1 38.4

30.06.2012NAV2

0.3

Equity gearing

0.4

L/HP/C COAML/HP/C COAM

4.9

24.0

0.7

31.61

3.1

5.40.4

2.010.9

0.3

Net investment/ Market

movement

2.2

6.20.4

1.6-0.5

3.2


4.2

1.72.0

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By sectorsBy region

Net unrealized gains/losses (EUR bn)3

Real estate portfolio1

TotalEUR 17.3bn2

Residential 19%Office 64%

Retail 12%Other/mixed 5%

Own use

3rd party use

0.8

10.6

5.92.1

1.5

0.62.1

1.5

0.6

1) Based on market values as of 31.12.20112) Market value of fullly consolidated real estate assets including real estate own use (EUR 4.1bn) and minorities (EUR 0.3bn)3) Off-balance unrealized gains/loses after tax, non-controlling interests, policy holders and before shadow DAC, based on external and internal real estate valuations

Corporate and other 5%

L/H 61%P/C 34%

By segment (EUR bn)


Germany 26%France 34%

Italy 8%Switzerland 16%

Spain 3%

USA 1%Rest of World 7%

Rest of Eurozone 5%

20112010

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1 Summary 6M 2012


3 Group

4 P/C

5 L/H

6 Asset Management

7 Summary


9 Glossary


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Glossary (1)

AAM Allianz Asset Management (former AGI)

ABS Asset-backed securities: Structured bonds or notes collateralized by a pool of assets such asloans, bonds or mortgages. As characteristics of the collaterals vary considerably(with regard to asset class, quality, maturity, etc.), so do asset-backed securities

AFS Available-for-sale: Securities which have been acquired neither for sale in the near term nor to be held to maturity. Available-for-sale investments are shown at fair value on the balance sheet

AGCS Allianz Global Corporate & Specialty

AGI Allianz Global Investors (AllianzGI)

AM Asset management – AM Segment

AuM Assets under Management: The total of all investments, valued at current market value, whichthe Group has under management with responsibility for their performance. In addition to theGroup´s own investments, AuM include investments managed on behalf of third parties

Bps Basis point = 0.01%

CEE Central and Eastern Europe

CEIOPS Committee of European Insurance and Occupational Pensions Supervisors; as of January 1, 2011, CEIOPS has been replaced by the European Insuranceand Occupational Pensions Authority (EIOPA)

Combined ratio (CR) Sum of loss ratio and expense ratio, represents the total of acquisition and administrative expenses (net) and claims and insurance benefits incurred (net) divided by premiums earned (net)

Collateralized debt obligation(CDO)

Collateralised debt obligation (CDO) is a type of structured security backed by a pool of bonds,loans and other assets. CDOs usually do not specialise in any one type of debt but are oftennon-mortgage loans or bonds

Collateralized mortgage obligation(CMO)

Collateralised mortgage obligation (CMO) is a type of mortgage-backed security where thecash flows are often pooled and structured into many classes of securities with differentmaturities and payment schedules.

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Commercial mortgage-backed securities (CMBS)

Commercial mortgage-backed security (CMBS) is a type of mortgage backed securitythat is secured by the underlying pool of loans on commercial properties.

Cost-income ratio (CIR) Represents operating expenses divided by operating revenues

Covered bonds Debt securities covered by a pool of mortgage loans or by public-sector loans with investors having a preferential claim in case of a default

Current yield Interest and similar income/ average asset base at book value (excluding income from financial assets and liabilities carried at fair value); current yield on debt securities adjusted for interest expenses; yield on debt securities including cash components

DAC Deferred acquisition costs: Commissions, underwriting expenses and policy issuance costs, which vary with and are primarily related to the acquisition and renewal of insurance contracts. These acquisition costs are deferred, to the extent that they are recoverable, and are subjectto recoverability testing at the end of each accounting period

EIOPA European Insurance and Occupational Pensions Authority (also see CEIOPS)

Equity exposure The equity exposure is the part of investments invested in equity securities

Equity gearing Equity exposure (attributable to shareholders) divided by net asset value excluding goodwill

Expense ratio (ER) Acquisition and administrative expenses (net) divided by premiums earned (net)

Fair value (FV) The amount for which an asset could be or is exchanged between knowledgeable,willing parties in an arm’s length transaction

FCD Financial conglomerates directive: European regulation for the supervision of financial conglomerates and financial groups involved in cross-sectoral business operations

F/I Fixed income securities

Financial assets carried atfair value through income

Financial assets carried at fair value through income include debt and equity securities aswell as other financial instruments (essentially derivatives, loans and precious metal holdings)which have been acquired solely for sale. They are recorded in the balance sheet at fair value

Glossary (2)

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Glossary (3)

Financial liabilities carried atfair value through income

Financial liabilities carried at fair value through income include primarily negative market values from derivatives and short selling of securities. Derivatives shown as financial liabilities carried at fair value through income are valued the same way as financial assets carried at fair value through income

FVO Fair value option: Financial assets and liabilities designated at fair value through income are measured at fair value with changes in fair value recorded in the consolidated income statement.The recognized net gains and losses include dividends and interest of the financial instruments.A financial instrument may only be designated at inception as held at fair value through incomeand cannot be subsequently changed

F/X Foreign exchange

Goodwill Difference between a subsidiary’s purchase price and the relevant proportion of its net assetsvalued at the current value of all assets and liabilities at the time of acquisition

Government bonds Government bonds include government and government agency bonds

Gross/Net In insurance terminology the terms “gross” and “net” mean before and after consideration of reinsurance ceded, respectively. In investment terminology the term “net” is used where the relevant expenses(e.g. depreciations and losses on the disposal of assets) have already been deducted

Harvesting rate (Realized gains and losses (net) + impairments on investments (net))/ average investments andloans at book value (excluding income from financial assets/ liabilities carried at fair value)

IFRS International Financial Reporting Standards. Since 2002, the designation of IFRS applies to theoverall framework of all standards approved by the International Accounting Standards Board.Standards already approved before will continue to be cited as International Accounting Standards (IAS)

Internal growth Enhances the understanding of our total revenue performance by excluding theeffects of foreign currency translation as well as of acquisitions and disposals

L/H Life and health insurance

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Glossary (4)

L/H operating profit drivers The objective of the Life/Health operating profit driver analysis is to explain movementsin IFRS results by analyzing underlying drivers on a L/H segment consolidated basis

Technical result: Technical result comprises risk result (difference between total risk premiums and benefits in excess of reserves net of policyholder participation), lapse result (sum of “surrender charges” assessed and “commission claw-backs” minus deferred acquisition cost written off on lapsed policies net of policyholder participation) and reinsurance result

Investment result: Investment result is defined as the difference between IFRS investment incomenet of expenses and interest credited to IFRS reserves plus policyholder dividends if any

Expense result: Expense result is the difference between expense charges assessed to policyholders and actual expenses minus regular changes in deferred acquisition costs net

Loss frequency Number of accident year claims reported divided by number of risks in-force

Loss ratio Claims and insurance benefits incurred (net) divided by premiums earned (net). Loss ratio calendar year (c.y.) includes the results of the prior year reservedevelopment in contrast to the loss ratio accident year (a.y.)

Loss severity Average claim size (accident year gross claims reported divided by number of claims reported)

MBS Mortgage-backed securities: Securities backed by mortgage loans

MCEV Market consistent embedded value is a measure of the consolidated value of shareholders’interest in a life portfolio. The Market Consistent Embedded Value is defined asNet asset value (NAV)

+ Present value of future profits- Time value of financial options and guarantees (O&G)- Frictional cost of required capital- Cost of residual non-hedgeable risk (CNHR)

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Represents operating profit divided by the average of (a) current quarter end and prior quarter endnet reserves and (b) current quarter end and prior year end net reserves, whereby net reserves equal reserves for loss and loss adjustment expenses, reserves for insurance and investment contracts and financial liabilities for unit-linked contracts less reinsurance assets

MoR

MVLO Market value liability option

Nat Cat Accumulation of claims that are all related to the same natural or weather/atmospheric event duringa certain period of time and where AZ Group's estimated gross loss exceeds EUR 20mn if one countryis affected (respectively EUR 50mn if more than one country is affected); or if event is of international media interest.

NBM New business margin: Value of new business divided by present value of new business premiums

Non-controlling interests Represent the proportion of equity of affiliated enterprises not owned by Group companies

NPE Net premiums earned

OAB Operating asset base: Represents all operating investment assets within the L/H segment. This includes investments & loans, financial assets and liabilities carried at fairvalue as well as unit-linked investments. Market value liability option is excluded

OE Operating entity

Operating profit Earnings from ordinary activities before income taxes and minority interests in earnings, excluding,as applicable for each respective segment, all or some of the following items: Income from financialassets and liabilities held for trading (net), realized gains/ losses (net), impairments of investments(net), interest expense from external debt, amortization of intangible assets, acquisition-relatedexpenses and restructuring charges, income from fully consolidated private equity investments(net) as this represents income from industrial holdings outside the scope of operating business

P/C Property and casualty insurance

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Glossary (6)

PIMCO Pacific Investment Management Company Group

Premiums written/ earned(IFRS)

Premiums written represent all premium revenues in the year under review. Premiums earned represent that part of the premiums written used to provide insurance coverage in that year. In the case of life insurance products where the policyholder carries the investment risk (e.g. variable annuities), only that part of the premiums used to cover the risk insured and costs involved is treated as premium income

PVNBP Present value of new business premiums: Present value of projected new regular premiums,discounted with risk-free rates, plus the total amount of single premiums received

Reinsurance Where an insurer transfers part of the risk which he has assumed to another insurer

Required capital The market value of assets attributed to the covered business over and above that required toback liabilities for covered business whose distribution to shareholders is restricted

Residential mortgage-backed securities (RMBS)

Debt instruments that are backed by portfolios of mortgages on residential rather thancommercial real estate

Retained earnings Retained earnings comprise the net income of the current year, not yet distributed earnings ofprior years and treasury shares as well as any amounts directly recognized in equity accordingto IFRS such as consolidation differences from minority buyouts

Risk capital Minimum capital required to ensure solvency over the course of one yearwith a certain probability which is also linked to our rating ambition

Risk-weighted assets (RWA) All assets of a bank multiplied by the respective risk-weight according to thedegree of risk of each type of asset

Run-off ratio Run-off ratio is calculated as run-off result (result from reserve releases inP/C business) in percent of net premiums earned

SE Societas Europaea: European stock company

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Shadow accounting is applied in order to include the effect of unrealized gains or losses from thedebt or equity securities classified as available for sale in the measurement of Deferred AcquisitionCosts in the same way as it is done for realized gains or losses. Due to virtual (shadow) realization of unrealized gains or losses Deferred Acquisition Costs are adjusted with corresponding charges orcredits recognized directly to shareholders’ equity

Shadow DAC

Solvency ratio Ratio indicating the capital adequacy of a company comparing eligible funds to required capital

Sovereign bonds Sovereign bonds include government and government agency bonds

Statutory premiums Represent gross premiums written from sales of life insurance policies, as well as gross receipts from sales of unit-linked and other investment-oriented products, in accordance with the statutoryaccounting practices applicable in the insurer’s home jurisdiction

Stress tests Conglomerate solvency ratio stress tests are based on the following scenarios

- Credit loss/ migration: scenario based on probabilities of default in 1932, migrations adjusted to mimic recession and assumed recovery rate of 30%

- Credit spread: 100bps increase in the credit spreads across all rating classes

- New business: new non-recurring business volume increases by 50% whichleads to an additional reserve requirement

- NatCat: loss due to NatCat events, both natural and man-made,leading to claims of EUR 1.5bn. Applies to P/C business only

Total equity Represents the sum of shareholders’ equity and non-controlling interests

Total revenues Represent the sum of P/C segment’s gross premiums written, L/H segment’s statutory premiums, operating revenues in Asset Management and total revenues in Corporate and Other (Banking)

Unrealized gains and losses (net)(as part of shareholders’ equity)

Include primarily unrealized gains and losses from available-for-sale investments net of tax and policyholder participation

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Value of new business: The additional value to shareholder created through the activity of writing new business. It is defined as present value of future profits (PVFP) after acquisition expenses minus thecost of option and guarantees (O&G), minus the cost of residual non-hedgeable risk (CNHR), minusthe frictional cost of holding required capital, all determined at issue date

VNB

VIF Value of inforce: Present value of future profits from in-force business (PVFP) minus the time value of financial options and guarantees (O&G) granted to policyholders, minus the cost of residual non-hedgeable risk (CNHR), minus the frictional cost of holding required capital (CReC)

3-year-outperformance AM Allianz Asset Management account-based, asset-weighted three-year investment performance ofthird-party assets versus the primary target including all accounts managed by equity and fixedincome managers of Allianz Asset Management. For some retail funds the net of fee performanceis compared to the median performance of the corresponding Morningstar peer group (first andsecond quartile mean outperformance). For all other retail funds and for all institutional accounts,the gross of fee performance (revaluated based on closing prices) is compared to the respective benchmark based on different metrics.

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Disclaimer

These assessments are, as always, subject to the disclaimer provided below.

Cautionary Note Regarding Forward-Looking StatementsThe statements contained herein may include statements of future

expectations and other forward-looking statements that are based

on management’s current views and assumptions and involve known

and unknown risks and uncertainties that could cause actual results,

performance or events to differ materially from those expressed or

implied in such statements. In addition to statements which are forward-

looking by reason of context, the words “may”, “will”, “should”, “expects”,

“plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”,

“potential”, or “continue” and similar expressions identify forward-looking

statements. Actual results, performance or events may differ materially

from those in such statements due to, without limitation, (i) general economic

conditions, including in particular economic conditions in the Allianz Group’s

core business and core markets, (ii) performance of financial markets,

including emerging markets, and including market volatility, liquidity and

credit events (iii) the frequency and severity of insured loss events,

including from natural catastrophes and including the development of loss

expenses, (iv) mortality and morbidity levels and trends, (v) persistency

levels, (vi) the extent of credit defaults, (vii) interest rate levels, (viii) currency

exchange rates including the Euro/U.S. Dollar exchange rate, (ix) changing

levels of competition, (x) changes in laws and regulations, including monetary

convergence and the European Monetary Union, (xi) changes in the policies

of central banks and/ or foreign governments, (xii) the impact of acquisitions,

including related integration issues, (xiii) reorganization measures, and (xiv)

general competitive factors, in each case on a local, regional, national and/ or

global basis. Many of these factors may be more likely to occur, or more

pronounced, as a result of terrorist activities and their consequences. The

company assumes no obligation to update any forward-looking statement.

No duty to updateThe company assumes no obligation to update any information

contained herein.

Documents

Group financial results 2Q 2012Group financial results 2Q 2012 – Group 1Q 2010 2011 2Q 3Q 4Q 1.4 15.1 9.4 26.0 2Q 1.3 14.3 14.3 29.9 24.6 1.3 13.0 10.2 3Q 4Q 24.1 1.3 11.8 10.8 1Q